This week, Bitcoin, Cardano, DOT, ETH and SOL are on the rise. At the end of the week, US economic indicators and the Fed’s hawkish speeches had a limited impact on cryptos. On Wednesday, the Bank of Canada increased rates by 75 basis points, emphasizing the need for more. Meanwhile, the ECB increased its deposit and margin loan rates by 75 basis points. However, the expectation that the FED will increase by 75 basis points this month is accepted in the markets.
Cryptocurrency market valueWatch out for these levels for Cardano, DOT, ETH and SOL
In the current week, Ethereum (ETH) and Solana (SOL) have gained 9.69% and 9.10% respectively. Meanwhile, Polkadot (DOT) also rose, up 3.79%. Despite the fast-approaching Vasil hard fork, Cardano (ADA) followed with a more modest 1.98% gain. All in all, this week was good for the altcoin market. But now we are getting ready to enter a new week. So what levels should we expect in ADA, ETH, SOL and DOT in the new week? As Kriptokoin.com, we have compiled the analyst’s expectations for you.
Cardano (ADA)
This week, the ADA price rose 1.98 to $0.514. Cardano, which started the week with a drop, fell as low as $0.454 on Wednesday. However, it later rose by finding support from the broad market. The leading altcoin hit a weekly high of $0.52 on Saturday. Despite the gain, ADA remained below the August high of $0.595. Cardano has been hit by rising market volatility as investors assess the progress towards the September 22 Vasil hard fork.
Based on trend analysis, ADA needs to break the August high of $0.595. Thus, the June high will target $0.6688 and the May high of $0.906. For this, the return to $0.55 at the beginning of the new week will be the key point. However, a return to the August low of $0.425 would set the 2022 low of $0.384 into view. Vasil hard fork updates will continue to act as a catalyst for the price this week as well.
Polkadot (DOT)
This week the DOT is up 3.79 to $7.66. The DOT hit the August low of $6.79 on Wednesday. Later, however, it followed the broader market and reached Friday’s high of $7.93. Still, the altcoin fell again on Saturday and settled below $7.70. Despite modest gains, DOT has bounced Dogecoin (DOGE) to return to the top ten by market cap. Volume increased in altcoin, reflecting increased investor interest in the project. The reason for this increase was a network update announcement in Polkadot Runtime that made DOT positive.
Looking at the trends, a DOT move to the August high of $9.68 will support a run to $10.00 and the June high of $10.73. The DOT has the potential for a clear rally from the $10.73 high to $16.44 from the May high. On the other hand, DOT must avoid September’s low of $6.76. A drop to this level would set the table for a pullback to the 2022 low of $5.99. While network updates affect DOT, the broad market will continue to be the catalyst.
Ethereum (ETH)
This week, ETH is up 9.69% to $1,732. A choppy start to the week led ETH to drop to Wednesday’s low of $1,499 before surging to Friday’s high of $1,747. Additionally, the altcoin received support from the shift in sentiment in the Fed’s monetary policy this week and the prospects for a Merge upgrade.
However, an ETH return to $1,800 will trigger a break from the August high at $2,031. After that, Ethereum will have the opportunity to make a return to $2,500. At $2,500, the bulls will aim to reach the May high of $2,968 and $3,000. A return to $3,000 will give the bulls a chance to run to the April high of $3,582. A return to the August low of $1,421 would set June and this year’s low of $880 into the spotlight.
Left (LEFT)
This week, SOL is up 9.10% to $35.08. Following the broader market, SOL dropped to a weekly low of $30.31 on Wednesday. However, SOL, which had surpassed August’s low of $29.91, rallied to Friday’s high of $35.96. Solana hit a new milestone this week, surpassing 95 billion transactions on its network. The increase in transaction rates reflected network success and acted as support for further price increases.
Accordingly, a move towards the August high of $48.42 is possible. If that happens, Solana bulls will attempt to run to the May high of $95.19. However, SOL looks like it will need ample support to get above $75. However, the drop from the August low to $29.91 will invalidate the bullish argument. Thus, it will give the bears a chance to escape to June and this year lows of $25.78.
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